Senate Overdraft-Fee Review Suggests Low Legislative Odds

Today’s Senate Banking Financial Institutions and Consumer Protection Subcommittee overdraft hearing was a largely collegial and theoretical session until Sen. Warren (D-MA) announced that she is sending letters to the largest banks with overdraft fees to demand that they terminate this practice.  Demanding also the OCC step in to bar fees, she pressed her legislation to ban them, legislation we continue to believe stands little chance of passage in this Congress.